Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?
In this paper we sketch some reflections on the pitfalls and inconsistencies of the research program - currently dominant among the profession - aimed at providing microfoundations to macroeconomics along a Walrasian perspective. We argue that such a methodological approach constitutes an unsatisfactory answer to a well-posed research question, and that alternative promising routes have been long mapped out but only recently explored. In particular, we discuss a recent agent-based, truly non-Walrasian macroeconomic model, and we use it to envisage new challenges for future research.
|Date of creation:||Aug 2006|
|Publication status:||Published in Physica A: Statistical Mechanics and its Applications, Vol: 382, Issue: 1, 1 August 2007, pp: 89-97|
|Contact details of provider:|| Web page: http://arxiv.org/|
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